OPEC+ agreed to cut oil production in October

MOSCOW, September 5 – PRIME. OPEC + following the meeting on Monday agreed to return to the August parameters of the deal, in October it will reduce oil production by 100,000 barrels per day, by which it was supposed to increase production in September, follows from the official communiqué of the alliance.

“Given the current fundamentals of the oil market and the consensus on its outlook, OPEC and participating non-OPEC oil producing countries have decided… to return to August 2022 production levels for OPEC and non-OPEC countries for October 2022… noting, that the upward adjustment of 0.1 million barrels per day of production was intended only for September 2022,” the communiqué said.

The next meeting of the OPEC+ alliance is scheduled for October 5, the report says.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the coronavirus pandemic. Then the terms of the agreement were repeatedly adjusted. So, since August, the alliance has moved to the final stage of exiting the cuts announced two years ago, and in September it will increase production by 100,000 barrels per day.